TECHNICAL ANALYSIS OF THE EURGBP 11/12/16
The graph of long-term impact on sterling against euro (EURGBP) is experiencing a phase of accumulation, which basically makes the cross trapped between 0.83 and 0.90 for almost two years, constantly oscillating above and below the average at 12 months of 0, 87. The last bullish momentum started in 2007 culminated with the "almost equal" to the end of 2008, was clearly bullish nature of the canonical 5 waves upwards, this drive had taken the cross out of two standard deviations of the line regression that leads the bull market of the last decade, an excess that was likely to turn into months and it did. Due to uncertainties in the European EURGBP is sliding towards the support area of 0.83, the level in our view (along with 0.80) key to the future evolution of the Pound. Our basic consideration is that the British currency remains to be under weigh on the horizon because you are drawing a figure that marked correction of EURGBP 2003-2007 (4 years), or the bullish head and shoulder neck line that sees its positioned just below 0.90. Watch the event in 2012 will enter the fourth year of the correction ...
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